COMPANY HISTORY

Airtricity has grown from the ground up to become a world leading renewable electricity company.

The founders of Airtricity formed Future Wind Partnership ('FWP') in 1997 to explore opportunities in the renewable energy sector. In 1999, FWP partnered with NTR plc and formed Airtricity, with NTR plc subscribing to 51% of the equity in the company. NTR plc is Ireland's leading private sector developer, financier and operator of public infrastructure.

Following deregulation of the electricity industry in Ireland, Airtricity signed up its first customer in the Republic in January 2000. That year also saw Airtricity’s first wind farm commissioned and by 2001 Airtricity had commenced development activities in Scotland and Northern Ireland.

In January 2002 Airtricity completed a private placing raising €15.2M and valuing the company at €72M. Later in the year Airtricity was granted a foreshore lease for the 520 MW wind park on the Arklow Bank.

In 2003 Airtricity commissioned its first wind farm in Scotland, and constructed its first offshore wind farm through a co-development agreement with GE Wind Energy. 2003 also saw Airtricity commence development in the United States and a 500 MW offshore lease was granted in the United Kingdom. A further private placing was completed in May 2003, raising €28M and valuing the company at €128M post-investment.